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Cryptologic Logs Another Solid Quarter


Published: Friday, May 13, 2005 Online-Casinos.com

CRYPTOLOGIC LOGS ANOTHER SOLID QUARTER

Revenues rise 33 percent, and poker is a star performer

One of the online gambling industrys top turnkey providers, CryptoLogic Inc., reports this week that its first-quarter earnings have jumped to US$4.8 million, from US$3.8 million a year earlier, as revenue rose 33 per cent.

Earnings for the quarter ended March 31 amounted to 34 cents a share, diluted, compared with 28 cents per share a year ago, the Toronto-based company revealed.

Record revenue, strong earnings and positive operating cash flow generation reflected continued growth in the company's primary Internet casino and poker markets.

Revenue increased to $20.3 million from $15.2 million.

Internet poker fees derived from the WagerLogic subsidiary rose by more than 200 percent over Q1 2004, and accounted for over 25 percent of Q1 2005 revenue. The central poker room shared by WagerLogic licensees now attracts more than 6,000 simultaneous live online players, and is one of the world's top five revenue generating poker sites on the Internet

The company predicted continued growth in Internet casino and poker markets, and says that the Internet poker industry continues to enjoy strong momentum, with growth forecasts of more than 100 percent for 2005 (source: Global Betting & Gaming Consultants).

WagerLogic's new six-seat poker tournament feature, which is branded SIXPAK, was a contributing factor to the quarter's growth. The software delivers "final-table" action throughout an entire tournament event and expands licensees' tournament offerings to their players.

"CryptoLogic is clearly benefiting from its investment in growth and we will continue to invest in order to maximize returns at this exciting time in our industry. The landmark legislation to regulate Internet gaming in the U.K. for the first time is further evidence of the global potential and growing acceptance that this industry is here to stay," CEO Lewis Rose said.

CryptoLogic is making further enhancements directed at the key areas of its business--its casino and poker software offerings, system infrastructure and scalability, and back-office and customer care. The company report also revealed a move to new office premises this year to accommodate the growing head count.

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